How Long Does It Take a Firm to Go from the Short

question 139

Multiple Choice

How long does it take a firm to go from the short run to the long run?

• A)six months
• B)one year
• C)two years
• D)It depends on the nature of the firm.

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Definitions:

Tires

Rubber components mounted on wheel rims, providing traction and absorbing shocks from the road surface for vehicles.

Absolute Advantage

The ability of an individual, company, or nation to produce a good or service more efficiently than competitors, using the same amount of resources.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than its competitors, underpinning international trade benefits.

Computers

Electronic devices capable of processing, storing, and communicating information according to a set of instructions called programs.